Only one private-college leader in state tops $1M compensation

November 3, 2009|By Luis Zaragoza , Sentinel Staff Writer

Only one Floridian made the list of private college and university presidents making more than $1 million in total compensation during the 2007-08 academic year, according to an analysis by the Chronicle of Higher Education published Monday.

Ray Ferrero Jr. of Nova Southeastern University near Fort Lauderdale collected $1,223,499 in salary and benefits, ranking him tops in the state and ninth nationally among research-university presidents.

Across the U.S., the number of such presidents in the millionaire's club nearly nearly tripled, the report found.

Among the 13 Florida private-school presidents included in the Chronicle's survey of 419 institutions across the country: Donna E. Shalala, president of the University of Miami, who ranked second in the state with $850,681; and Anthony J. Catanese, president of the Florida Institute of Technology in Melbourne, who ranked third at $728,131.

Rounding out the Florida top five: Ronald L. Vaughn, president of the University of Tampa, who came in at $601,067, and Arthur F. Kirk Jr., president of St. Leo University, located north of Tampa, with $555,436.

Lewis Duncan of Rollins College in Winter Park received $393,084, making him the eighth-highest-compensated in the state. The late H. Douglas Lee, who was then-president of Stetson University in DeLand, ranked 10th during the survey period with $361,216.

The compensation data are the most recent available from certain IRS filings but still more than a year old, so the survey does not reflect the effects of salary freezes and other recent recession-driven budget-cutting on presidential salaries.

Presidents and trustees worry about "how the public perceives a high salary at a time when budgets are being slashed and tuition continues to increase," said Jeffrey J. Selingo, the Chronicle's editor.

But even if the next survey shows a slowdown or drop in salaries, compensation packages are expected to bounce back once the economy improves as schools compete to attract and keep strong leaders.

Why do presidents retain some leverage in salary negotiations? Replacements are harder to find because of retirements among baby-boomer-generation administrators, according to the report. It's also a challenge finding experienced people willing to take on such a demanding job made even tougher by the recession, educators say.

Public-university presidents' salaries, which tend to be lower, are not included in this survey. The Chronicle analyzes public-university presidential salaries separately, with its next report scheduled to be published in January.